Nine of top 10 firms lose ₹1.87 lakh crore in market valuation
The market valuation of nine of the top 10 companies in the Indian stock exchange declined last week amid the rout in Adani Group shares.
The valuation of nine firms eroded by ₹1,87,808.26 with HDFC Bank and Reliance Industries taking the biggest hit.
The valuation of the HDFC Bank declined by ₹37,848.16 crore to ₹8,86,070.99 crore at close on Friday. Whereas the market valuation of Reliance Industries (RIL) fell by ₹36,567.46 crore to ₹16,14,109.66 crore.
Besides, valuation of the Tata Consultancy Services (TCS) tumbled ₹36,444.15 crore to ₹12,44,095.76 crore and that of HDFC tanked ₹20,871.15 crore to ₹4,71,365.94 crore.
ICICI Bank’s m-cap dipped by ₹15,765.56 crore to ₹5,86,154.58 crore, and State Bank of India (SBI) valuation tanked by ₹ ₹8,879.98 crore to ₹4,64,927.66 crore.
Infosys’ m-cap plunged by ₹13,465.86 crore to ₹6,52,862.70 crore. Bharti Airtel’s mcap dipped by ₹10,729.2 crore to ₹4,22,034.05 crore.
The valuation of Hindustan Unilever slipped ₹7,236.74 crore to ₹5,83,697.21 crore.
However, ITC was the only company whose market valuation increased last week. ITC added ₹2,143.73 crore taking its mcap to ₹4,77,910.85 crore.
On Friday (24 February), benchmark indices ended lower on Friday in line with weak trends in Asian markets and concerns that the US Federal Reserve might raise interest rates further to curb inflation.
The BSE Sensex declined 141.87 points or 0.24% on Friday to settle at 59,463.93 despite a firm start.
The NSE Nifty dipped 45.45 points or 0.26% to end at 17,465.80.
Besides, the majority of the Adani Group firms continued to remain weak on Friday. The stock of Adani Transmission fell 5%, Adani Green Energy slipped 5%, Adani Total Gas (5%), and Adani Enterprises (4.98%) on the BSE.
Shares of Adani Power dipped by 4.98%, NDTV dropped by 4.05% and Adani Wilmar went lower by 3.35%.
Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research last month made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.
All ten firm of the Adani Group has together lost ₹12,03,901.43 crore in market valuation since the US short-seller came out with its report on 24 January.
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